The National Highway Authority of India’s plans to link the Delhi-Dehradun (DDA) Expressway with the Faridabad-Noida-Ghaziabad (FNG) Expressway will usher a significant boost to Faridabad’s real estate belt, especially sectors located in the Neharpar region such as Sectors 81,83, 84,85,86. The DDA Expressway will also be linked to National Highway-9 and Northern Peripheral Expressway, which is set to transform FNG Expressway as a densely populated housing corridor upon its completion.

There is an interplay of various factors which makes a particular realty corridor come into the limelight. Faridabad has received significant traction from homebuyers who want to settle in the NCR but in regions apart from the soon-to-be-overpopulated sectors of Noida and Ghaziabad. The FNG Expressway, once it is completed and operationalized, will reduce travel time between Noida and Faridabad by 45 minutes and also prevent over-clogging of Delhi Roads as Ghaziabad travelers would not need to enter Noida and Faridabad via Delhi. It will establish direct and improved connectivity between Faridabad, Noida and Ghaziabad, and will act as a motivating factor to invest in Faridabad’s housing sector.

Apart from infrastructural and road connectivity, the socio-healthcare institution is also growing at a bolstered pace in Faridabad. With the inauguration of New Amrita Hospital, which will be a 2400-bedded healthcare institution, in June last year by Prime Minister Narendra Modi, it will be the biggest private hospital in India and is located in Faridabad’s Sector 88. The Neharpar region, in particular, has seen a profound growth of MNCs, large-scale businesses, and medium- and small-scale manufacturing facilities, which have augmented the development of residential realty. The working population from the tertiary sector to the secondary and service industry are investing in greater volumes in different sectors of Neharpar, like Sector 81. It has brought a flourishing period of good housing absorption rates in Faridabad.

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The diversity of real estate assets is a striking factor as well. There is an abundance of independent floors, township projects, plotted developments, and apartments in Faridabad, which caters to residential buyers with varied investment capacities. After Gurugram, Faridabad is a popular realty belt across NCR which has seen a spurt of growth in the luxurious plotted development realty category. The paucity of plotted developments in adjoining regions such as Noida, Greater Noida, and Ghaziabad has shifted the momentum gear in favour of Faridabad. Several real estate developers are clocking deals to develop plotted developments and independent floors in Faridabad, catching up on the buyers’ pulse, who are showing a predilection for investment in these two housing formats.

Sectors 81, 82, and 84 of Faridabad are witnessing the maximum growth due to their proximity to Delhi. The improved metro connectivity has brought a host of buyers resulting in an uptick in investment. Commercial real estate is also very active in Faridabad. Simultaneously, it has become a hotspot for MNCs and start-up foundations as the next expansion base to draw and attract talent and skilled labor. 

Faridabad and Greater Faridabad, commonly known as Neharpar, has shown a cumulative and impressive growth trajectory in residential and commercial realty formats and has also diversified and accelerated real estate growth opportunities across multiple segments.

(By Rohit Mohan, Senior Vice President, BPTP Group)